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How to repay tax
Jo1923
Posts: 12 Forumite
in Cutting tax
So in 2020/21 tax year I earned over 50k ( about 54) and also claimed child benefit, I was asked to do a self assessment and they worked out I owed about £1500 in tax. My tax code for this year was adjusted and I am paying back each month - last year 21/22 I earned less around 48k
now this year 22/23 my estimated income on the tax online is around 49k but I think I may go over …I am a senior nurse salary around 48k and then I do some locom work under an umbrella company which i think will earn me around 8K I’m also claiming child benefit
now if I was to update my estimated income on line they will really hammer me straight away….I was thinking of leaving it and just Paying the underpayment when it comes in one bit - is this ok?
I have a tax code for nhs ( a reduced personal allowance for underpayment in 20/21 and a BR for the locum work ?
now this year 22/23 my estimated income on the tax online is around 49k but I think I may go over …I am a senior nurse salary around 48k and then I do some locom work under an umbrella company which i think will earn me around 8K I’m also claiming child benefit
now if I was to update my estimated income on line they will really hammer me straight away….I was thinking of leaving it and just Paying the underpayment when it comes in one bit - is this ok?
I have a tax code for nhs ( a reduced personal allowance for underpayment in 20/21 and a BR for the locum work ?
0
Comments
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Yes, there is no specific need for you to change anything now.
But for each tax year you are liable to the High Income Child Benefit Charge you must complete a Self Assessment return.
And if you've been asked to complete one for 2021:22 you should complete it even if no HICBC is due. You can try and ask HMRC to withdraw the return but given you are going to need one for 2022:23 that is probably more complicated than completing the return in the first place.
I presume you are aware that it isn't your salary which counts but your taxable pay. As the NHS operate a net pay pension scheme your taxable pay is likely to be significantly less than your salary.0
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